URL: Latest posts
Bitcoin follow-up*
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*I want to say thank you to Markus Sagebiel, @msgbi on Twitter, for drawing my attention to many of the following links and for great comments. —– After my recent bitcoin update, debates about the nature and chance of survival of the cryp...
Protected: Soon on CARTA: Bitcoin – Nicht mehr nur für Träumer, Nerds und Spekulanten
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There is no excerpt because this is a protected post.
Bitcoin update
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In the few days since I published my last article on parallel currencies, Bitcoin did not stop catching the headlines. Apparently, the “cryptocurrency” easily digested the disruptions caused by hack attacks on MTGox which had resulted in...
Bitcoin, WIR, and Boston Bean. Parallel currencies in the economies of the world – an annotated link list
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“Gresham’s law, observation in economics that “bad money drives out good.” More exactly, if coins containing metal of different value have the same value as legal tender, the coins composed of the cheaper metal will be us...
Europe’s next currency regime – a minimalist approach
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Germany’s withdrawal from EMU and return to the D-Mark, Bundesbank already printing D-Mark to prepare for breakup, euro breakup into smaller currency unions, Italy already de facto out of the euro, Grexit, contagion from Cyprus. fears of Spain&...
FTT, Dodd Frank and forex stability
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On January 30, 2013, the Bank of England (BOE) released the latest semi-annual FX turnover survey results for the UK for October 2012. Similar surveys had been conducted at the same time by - the New York Foreign Exchange Committee, - ...
Central bank independence in Japan – not what you would expect*
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*The author was Visiting Scholar, Bank of Japan, Institute for Monetary and Economic Studies (IMES), Tokyo (1994), and Visiting Scholar, Economic Planning Agency, Tokyo (1995). ——- Currently, partly in reaction to earlier threats by Japan...
Japan’s bad bank experience
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These days, in countries with ailing financial institutions, getting rid of non-performing loans and other loss-generating assets in banks’ balance sheets by shifting positions to so-called bad banks is becoming a habit. The question is what is...
THE Conference(s)
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For economists, the year is starting with a mega event: The annual meetings of the American Economic Association and other members of the Allied Social Science Associations will take place from January 4 to 6 in San Diego, CA. The preliminary program...
Protected: Soon on CARTA: Krisenfaktor Universalbanken*
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Universal threat
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A recent DB Research article explains why universal banks are optimal for clients and for financial stability and why it would be wrong to follow proposals to split them up. The arguments are well-known: (1) Universal banks offer a broad range of s...
Advent window shopping
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Not the real thing … Maybe a bit too much … Don’t forget! Cold… Wrong time! Hey, look! This is HIM! — Sorry, no. Maybe … No. One of these? — No. Of these? — No way! This! Tempting, but ̵...
Benoît Mandelbrot – poet in a foreign language (2): Five rules
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The central theme of Benoît Mandelbrot’s work was to find a regular pattern in irregularity and roughness as he described in the videos listed here and in his various books and articles. His mathematics, the fractal geometry, found applications in...
Benoît Mandelbrot – poet in a foreign language
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The headline borrows a phrase from Adam Kirsch in his review of Benoît Mandelbrot’s posthumous memoir The Fractalist. Musing about the inaccessability of Mandelbrot’s work Kirsch states the impossibility for a non-mathematician to advance be...
Protected: Finanzmärkte im Katastrophenschutz
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There is no excerpt because this is a protected post.
Complexity and the madness of crowds – lessons from disaster prevention
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Recent debates about the crisis vulnerability of international financial networks indicate that in economics complexity is still a widely misunderstood concept. In my critique of a recent paper by Andrew Haldane from the Bank of England I describe...
In between
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“Psychologists have likened a crowd to a series of intermeshing behavioral cells. Each cell is comprised of a small group of surrounding people, with limited communication between them. Cell members do not have a broad view of what is occurring in...
